The Record — Part II

Questions 51–90 of the Almanac record: how performance is measured, when positions are sold, where ideas come from, what is in and out of the universe, what every published call contains, and what keeps the process honest. Part I (Questions 1–50) covers philosophy, risk, alignment and community.

← Part I

Part 07

Methodology and Measurement

Questions 51–60

Part 08

Exit and Sell Discipline

Questions 61–65

Part 09

Idea Sourcing and the Research Bar

Questions 66–68

Part 10

Universe and the No-Fly List

Questions 69–72

Part 11

Anatomy of a Recommendation

Questions 73–76

Part 12

Accountability and the Kill Switch

Questions 77–80

Part 13

Capacity, Continuity and Operational Honesty

Questions 81–83

Part 14

Conflicts of Interest

Questions 84–87

Part 15

Behavioral Guardrails

Questions 88–90

Methodology and Measurement

Q51.What is the inception date and starting-capital basis of the published record?Being finalized

Q52.Is performance primarily money-weighted, and how are external cash flows and portfolio cash handled?

Q53.Which benchmark exactly — total-return or price-only, index or ETF proxy?

Q54.Is the benchmark currency-matched to your book, given you hold global names?

Q55.How should a winning or losing thesis be counted, and is win rate useful enough to publish?

Q56.How should multiple entries, trims, full exits and later re-entries be recorded?

Q57.Are position weights shown on cost basis or current market value?

Q58.Update frequency and price source of the public dashboard?

Q59.How are dividends, spin-offs, and FX moves reflected in reported P&L?

Q60.If you and a member would realistically get different fills, which price is the “official” recommendation price?

Exit and Sell Discipline

Q61.What are your explicit sell triggers?

Q62.Hard stops or mental stops? Price-based or thesis-based?

Q63.What precisely constitutes a “thesis break” that forces an exit regardless of price?

Q64.Do you scale out or exit all-at-once?

Q65.Is there a maximum holding period for a thesis that isn't working?

Idea Sourcing and the Research Bar

Q66.Where do ideas originate?Being finalized

Q67.What checklist must an idea pass before it becomes a published call?

Q68.Exactly where in the 8-agent pipeline do you override the machines, and how do you guard against AI manufacturing false conviction?

Universe and the No-Fly List

Q69.What is in-universe — geographies, market-cap floor, liquidity minimum, ETFs?

Q70.What will you never touch?

Q71.FX: do you hedge currency, or is it part of the thesis?

Q72.Any ethical or sector exclusions?

Anatomy of a Recommendation

Q73.What does every call contain?

Q74.Do you publish a conviction rating (starter vs. full)?

Q75.Do you send interim updates as a thesis evolves, or only entries/exits/trims?

Q76.What are your firm cadence commitments?

Accountability and the Kill Switch

Q77.Your definition of a “mistake” vs. “bad luck”?

Q78.Will every losing trade get a written post-mortem members can read?

Q79.At what level of sustained underperformance would you actively tell members to walk away?

Q80.What would make you shut Almanac down?

Capacity, Continuity and Operational Honesty

Q81.Hours you commit weekly — and who or what watches open positions when you’re away or ill?

Q82.Is there a member cap tied to your capacity?

Q83.What happens to live recommendations if you pause or wind the service down?

Conflicts of Interest

Q84.Do you hold anything you do not recommend, and is that disclosed?

Q85.Family and related-party holdings — how handled?

Q86.Any income from covered companies?

Q87.Could concentrated member buying move an illiquid name you flagged, and how do you mitigate it?

Behavioral Guardrails

Q88.Your practice for separating fear/greed from decisions in a drawdown?

Q89.What structurally forces you to revisit a thesis you’ve become anchored to?

Q90.How do you keep Room answers impersonal when a friend asks “what should I do?”Being finalized